Theo contributed $20,000 for a 50% interest in a food truck. He also contributed a computerized display board with a fair market value of $1,300 and an adjusted basis of $1,100. Theo's share of net business income for the year was $10,000.
What is Theo's partnership basis in this business at the end of the year?

Answer rating: 100% (QA)

To determine Theos partnership basis at the end of the year we need to take into account his initial ... View the full answer